8 detained in stock manipulation probe in Borsa Istanbul
ISTANBUL
Turkish authorities have detained eight suspects as part of a criminal investigation into alleged stock manipulation involving shares of a company listed on Borsa Istanbul.
The probe was launched after authorities detected abnormal and artificial price movements in Atlantis Yatırım Holding’s shares.
Police teams from the financial crimes department on July 14 carried out simultaneous operations in the provinces of Istanbul, Kocaeli, Antalya and Zonguldak to detain the suspects.
They are accused of forming a criminal organization and committing market fraud.
Authorities say the stock experienced “unnatural fluctuations” and “artificial surges” inconsistent with typical market behavior.
Following news of the investigation, shares of Atlantis Yatırım Holding fell by 9.93 percent in day trading on July 14, falling back to 51.25 Turkish Liras (around $1.27).
Atlantis Yatırım Holding has long been monitored under Borsa Istanbul’s “watchlist market,” where trading is limited to specific hours due to volatility and irregularities.
The company’s stock, which traded below 1 lira for years, began a sharp rally in early 2020.
It climbed from 1 lira ($0.025) to 10 liras ($0.25) in 2021 and then surged further, reaching 185 liras ($4.60) by Sept. 2022, a staggering increase of nearly 4,500 percent in just 15 months.
After a steep decline that brought the share price down to 40 liras ($0,99) by mid-2024, the stock again spiked, reaching 124 liras ($3) in July–August, a 210 percent increase in roughly one month.
However, it soon lost momentum and dropped to 45 liras ($1.12) by early May 2025.
On July 11, its shares closed at 56.90 liras ($1,42).
